The initial public offering (IPO) process of state-owned Export Credit Guarantee Corporation (ECGC) is expected to be completed by the last quarter of the current financial year, chairman and managing director M Senthilnathan said.
The Department of Investment and Public Asset Management (DIPAM), which is overseeing the listing process, had told ECGC that the process would start after the LIC public issue. While ECGC is awaiting further instructions, the DIPAM has carried out the initial review of the company, Senthilnathan said at the launch of the enhanced export credit risk insurance cover to smaller entities.
Under the scheme, ECGC will provide export credit risk insurance cover to the extent of 90% to support small exporters.
The scheme will be offered by State Bank of India, which avails of export credit to the tune of Rs 25,000 crore from ECGC and has a base of 3,000 exporters, Senthilnathan said.